BlackRock Inc. acquired 16,326,241 shares of Block, Inc. during the second quarter. The investment is valued at approximately $621.7 million. This purchase gives BlackRock a 2.74% stake in the technology company. Total institutional ownership of Block has reached 70.44%.
Block reported second-quarter earnings of $1.02 per share on August 5th. This result significantly exceeded analyst expectations of $0.48 per share. Quarterly revenue rose 9.3% year-over-year to $6.62 billion. Analysts currently maintain a consensus Moderate Buy rating for the company.